Make a Will | Why Should I Make A Will | Reasons to Make a Will
If you think making a will is not that important. That it is something you’ll get around to later. You would be surprised if you heard what your non-will would sound like, and perhaps the situation that would be left for your loved ones if you don’t have a will in place.
It is your responsibility to help your loved ones by having arrangements in place before you pass on. This includes funeral costs, but most importantly your final will to ensure your final wishes are understood and carried out. Your will will take care of some or all of the following situations:
“To my family and loved ones I hereby leave to you several months possibly years of financial hardship and expense whilst you go to unnecessary lengths to sort out my Affairs”
“To my spouse or partner I hereby leave you some but probably not all of what I own”
“To my children, I hereby leave you the remainder of my state including the family home which you must sell to realize your inheritance”
“To Social Services if my children are orphaned on my death then I give you the power to choose who shall look after them including sending them to unknown foster parents”
“To the tax man I hereby leave you a higher amount of inheritance tax than necessary thereby reducing the inheritance my family receives”
“To my unmarried non-civil partner I’ve shared my home with for many years I hereby make you homeless as my property is passed to my children or relatives”
“To my disabled family members I hereby leave you funds to replace any state funded benefits you receive so the state can give that money to others who are not related to me to my children and grandchildren”
“If you get divorced I hereby instruct you to ensure that half of what I left you is payable to your ex partner so they have ample money to look after their new spouse and any children they may have”
“To the legal profession I hereby allow you to charge my family Hefty fees as they fight the case for an inheritance that should have been theirs”
“To everyone else I leave you nothing”
The absence of a will can cause problems heartbreak financial hardship and un necessary expense for your family at the very worst possible time. Everybody needs a will! Make your will today!
Protecting Your Assets | The Importance of creating a will
House prices are through the roof and rising! Mortgage companies require huge deposits and you have to feel sorry for the youngsters today. When older generations bought their houses it was straightforward. There were plenty of mortgages about and you only needed a small deposit. As long as you had a good job it was quite easy to buy your own house. The kids today they have it tough.
In the back of your mind do you hope that when you’re gone you can finally give them that helping hand?
By then your house should be completely paid for. When you die and they sell your house maybe they can finally clear all those college fees and still have enough left over for a deposit for their own home, or maybe even start their own business.
Without a will your money may not end up where you hoped it would. With no will you lose control of what happens to your money. The state and the law takes over and your intended beneficiaries might just end up with literally nothing. If you have young children it gets worse if you both die say in a car crash and you don’t have a will then you’ll have no appointed legal Guardians your children will be placed in the care of the local authorities do you really want that for them just after the trauma of losing you wouldn’t it be better if they were supported by friends and family? You could beque their Guardians some money to help with their increased bills.
Congratulations if you already have a will but wait before you feel too smug your money could still be at risk and end up somewhere that you hadn’t intended. Most Wills are drawn up with your partner as your sole beneficiary then your children, but what happens if you die leaving all your money to your partner and they then remarry? Now your money could be at risk of moving to their new spouse and their children too, reducing the amount your children receive. Worse still if you’re surviving partner then dies, their partner could end up getting all your money, and could write your children out of the will. Not exactly what you had in mind.
If all goes well and your children do actually inherit everything, things can still go wrong. Suppose your child marries and then later divorces. Their ex partner could be entitled to half of your money, are you happy with that? Or they could hit financial difficulties and your bequest could be lost to their creditors or in a bankruptcy lawsuit.
You want your kids to get the maximum benefit from your assets but if you don’t plan carefully and create a will they just might miss out. The next time you’re in a crowded room look around you two out of every three people there will have no will whatsoever. Be the smart one that does, it’s no good hoping that your wishes will be carried out. Take control, write a will. You can control your money after you die but only if you take action and create a will.
Will Clarity Statement
One in four people would challenge a relative’s will if they were unhappy with it. Because of today’s complex family structures or simply breakdowns in communication, there are often people who feel disgruntled when they hear who gets what. Imagine being at your own grave-side, take a look around and think who might cause problems in your family: ex-spouses, their kids, or is there a black sheep in the family that you don’t want to inherit? Maybe for their own good.
The trouble with traditional Wills Is that they’re only about the what, and not about the why. Not being able to understand the reasons behind a loved one’s decisions is what frequently leads to Wills being contested and worse the claim being upheld.
How will you feel if your assets end up with people you did not Choose Or if your money goes on to fund someone’s harmful lifestyle? That’s where the will clarity statement comes in. Fully detailing your decisions and the reasons and circumstances behind them, it’s as if you’re in the room when your will is being read so there’s no ambiguity about what you wanted, and with our execution statement fully detailing the signing and witnessing of your will there’s no chance of your will being put aside. Now should a challenge be made to your will it’s far less likely to succeed as all the vital information has been stored electronically and is available whenever required ultimately this means the people you want to to benefit will benefit and those who don’t won’t. Everyone will understand your choices even if they’re unpopular, so don’t leave it for your family to fight it out after your death have the final say on what happens to your estate by choosing to protect your wishes with the will clarity statement package from Legally Bound.